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Title : NOG Announces Largest Aquisition In Its History -- 10,600 Acres For $300,000,000
link : NOG Announces Largest Aquisition In Its History -- 10,600 Acres For $300,000,000

NOG Announces Largest Aquisition In Its History -- 10,600 Acres For $300,000,000

Disclaimer: please go to link instead of reading this post. I have combined notes from the press release with my own calculations. I am known to make simple arithmetic errors and make assumptions that are incorrect, or misread something. I will adjust the data below as more information becomes available

Press release. Data point

• definitive agreement with W Energy Partners
• largest acquisition in NOG's history
• 6,750 boepd production ($40 x = $270,0000 daily, or about $8 million / month)
• 10,600 net acres "in the core of the Williston Basin"
• $100 million and 56.37 million shares
• $3.40 x 56.37 million = $191 million, let's call it $200 million
• $300 million / 10600 =  $28,000 / acre (compare with Pivotal acquisition, upwards of $40,000 / acre)
  
• with recently announced Pivotal acquisition "will allow NOG to generate significant free cash flow and substantially reduce leverage" --Pivotal acquisition? See below.
• currently 295 million shares outstanding 
• 56.37/295 = 19%
• cash on hand: $90 million
• debt: about $1 billion 
• current revenue: about $238 million
• announcement prior to market open; futures not yet posted for NOG

2Q18 production

• preliminary estimate of production exceeded expectations
• increased 52% year-over-year
• increased nearly 17% sequentially
• now averaging approximatley 21,045 boepd

CY18 cash

• expects to exit 2018 with free cash flow
• expects to have approximately $100 million in cash at end of year

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The Pivotal Acquisition 

From the blog, July 18, 2018 -- just earlier this month

NOG: announces acquisition of producing wells, about 4,100 boepd; $68.4 million in cash plus 25.75 million shares (x $3.40 = $88 million) for a total of about $150 million. Net acreage not mentioned. Recently, NOG paid upwards of $40,000 / acre. NOG also announced it has reduced annual interest payments by over $5 million and will reduce overall debt by over $63 million through a new deal and other agreements. The most recent deal: exchange 8% senior unsecured notes due 2020 by issuing over 3 million shares of common stock; this will reduce debt by almost $10 million. In pre-market trading, NOG was up almost 5%, trading near $3.40. It's 52-week high is $3.72.

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